RAIT Financial Trust Announces First Quarter 2018 Preferred Dividends, Status of Common Dividends and Other Items
March 13 2018 - 10:00AM
Business Wire
RAIT Financial Trust (NYSE: RAS) (“RAIT”) announced that on
March 13, 2018, RAIT’s Board of Trustees (“the Board”) declared
regular first quarter 2018 cash dividends of $0.484375 per share on
RAIT’s 7.75% Series A Cumulative Redeemable Preferred Shares,
$0.5234375 per share on RAIT’s 8.375% Series B Cumulative
Redeemable Preferred Shares and $0.5546875 per share on RAIT’s
8.875% Series C Cumulative Redeemable Preferred Shares. The
dividends will be paid on April 2, 2018 to holders of record on
March 23, 2018. The Board also decided to continue the previously
announced suspension of the dividend on RAIT’s common shares for
the first quarter of 2018. The Board expects to continue reviewing
the status of the preferred and common dividends quarterly.
Other Items
Q4 and Fiscal 2017 Financial
Results
- RAIT expects to timely file its annual
report for the year ended December 31, 2017 on Form 10-K with the
Securities and Exchange Commission by March 16, 2018.
- RAIT expects to post its fourth quarter
and fiscal 2017 financial supplement to the RAIT website by March
16, 2018. RAIT does not expect to host a Q4 and fiscal 2017
conference call.
About RAIT Financial Trust
RAIT Financial Trust is an internally-managed real estate
investment trust focused on managing a portfolio of commercial real
estate assets throughout the United States.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements can generally
be identified by our use of forward-looking terminology such as
“will,” “expects,” “continue” or other similar words or terms. Such
forward-looking statements include, but are not limited to,
statements regarding the Board’s plans to consider whether to
declare preferred and common dividends quarterly. Such statements
are subject to known and unknown risks, uncertainties and
contingencies that may cause actual results to differ materially
from the expectations, intentions, beliefs, strategies or
predictions of the future expressed or implied by such
forward-looking statements. These risks, uncertainties and
contingencies include, but are not limited to, whether the Board
will continue to declare dividends on RAIT’s preferred shares or
continue to suspend the declaration of the dividend on RAIT’s
common shares based on its analysis of RAIT’s financial position,
liquidity and capital resources at the relevant time; RAIT’s
ability to meet New York Stock Exchange continued listing
standards; whether RAIT will be able to implement actions that will
increase RAIT’s liquidity and better position RAIT to meet its
financial obligations as they come due and to continue to operate
as a going concern; whether RAIT will be able to obtain sufficient
liquidity through distributions from its consolidated
securitizations and servicing and managing RAIT’s existing
commercial real estate loan portfolio to better position RAIT to
meet its financial obligations as they come due; whether RAIT will
be able to continue to divest RAIT’s legacy real estate owned
portfolio and existing property management operations and the
majority of RAIT’s non-lending assets and repay any related debt
and generate additional liquidity; final accounting determinations
on gains or losses realized in the event properties are sold or
divested for prices that differ from their carrying value or if
property valuations are adjusted in the process of revaluating
properties when they are characterized as held for sale; RAIT’s
ability to attract and retain members of its management team and
key employees; and other factors described in RAIT’s Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q and in other filings
with the SEC. RAIT undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events, except as may be required by law.
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RAIT Financial TrustAndres Viroslav,
215-207-2100aviroslav@rait.com